There are a number of reasons that Ontario residents might put off discussing estate planning with their heirs. In addition to the discomfort that some people feel when talking about their own mortality, many are also concerned about raising issues related to estate planning, like inheritances, dividing a family business and distributing heirlooms. Some parents have the concern that if they tell their children they stand to inherit substantial assets, they may not put as much effort into establishing a career.
Residents of the greater Toronto area may be interested in some information regarding the three types of documents that every estate plan should contain. These documents help to ease the burden on the executor and dictate what will happen to a person's assets after his or her death.
Ontario residents who have taken steps to plan the execution of their estates after they pass away may need to consider reviewing and revising the relevant documents occasionally. Estate plans may need revision every few years as circumstances change.
Ontario residents may be interested to know that Jim Flaherty's wife, an Ontario MPP, submitted the will of the recently deceased former Minister of Finance for Canada's federal government to probate. The man, who died in April after suffering a heart attack at the age of 64, signed his will in 1996, presumably as one element of his estate planning strategy.
When parents in Ontario and across Canada are in the middle of planning their estate, they need to balance their need for financial security with the desire to take care of their heirs. One expert in the field observed that the burden of taking care of others can overwhelm seniors who might not be able to care for themselves properly.
When it comes to deciding on the future of a family cottage for residents of Ontario, the owner will need to address several questions. While the decision on who should inherit the cottage could be challenging, six tips can help the owner with their estate planning as they try to determine who would be a good candidate to take over the cottage.
Estate planning is not the most popular subject to consider, and people in Ontario sometimes might put it off as long as possible. However, timely estate planning offers several advantages, such as reducing overall taxes in addition to taxes upon the person's death. Setting affairs in order as soon as possible can also ease the transition of business interests and is conducive to ensuring that estate planning goals are achieved.
Ontario couples who delay planning for their death may be running many risks. Estate planning can help outline how a person wishes his or her funeral and burial to be conducted. It can also help individuals to provide details about the distribution of their assets so that the courts do not dictate these details.
The loss of a spouse is difficult but such loss can be even more devastating as the survivors attempt to wade through piles of documents they might not understand. In order to prevent it, a family should work on estate planning together. Even if one of the spouses leads in handling the financial matters for the whole family, the other spouse should have an understanding of everything involved and know what they both want. If third parties, such as adult children or an estate trustee, are also included, they should be involved the entire planning process including participating in meetings with accountants and lawyers.
Changes have been suggested to the rules regarding financial dealings between investors in Ontario and nationwide and the individuals whom they select to manage their financial matters. The proposals come from The Investment Industry Regulatory Organization of Canada, and they are designed to give investors more flexibility in choosing trustees, executors or advisers while protecting them from possible conflicts of interest. The deadlines for unwinding certain arrangements, including power of attorneys and executorships, has been extended to June 2015 to allow the proposed changes to the personal financial dealing rules to be considered.